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UBS slashes Canadian securities business

UBS AG cut 20 of 48 employees from its securities business in Canada Thursday, including the chief executive and chief economist.

Rick Meslin, head of UBS Securities Canada Inc., and George Vasic, equity strategist, have both left the bank, as confirmed by a UBS spokesperson.

The staffing changes were made in the bank’s equity sales, trading and research operations, and are part of a larger cost saving strategy for UBS’s investment bank. In October, Switzerland’s biggest bank said it would slash 10,000 jobs around the world by 2015 in an effort to combat decreasing revenues and increasing capital requirement rules.